As per the data reported by PBS, textile exports declined by ~14% in 10MFY23 to stand at US$13.7bn vs. US$15.9bn in SPLY. The slowdown is mainly attributable to global recession resulting in lower export orders coupled with challenging domestic environment.
Segment-wise, value-added products (Knitwear, Bedwear, Towels, Readymade garments) witnessed a drop of ~12.6% YoY, to stand at US$9.69bn in 10MFY23. Similarly, basic textile (i.e. Raw Cotton, Cotton Yarn, Cotton Cloth) slump by ~22.8% YoY to clocked in at US$2.37bn, while other textile products also plunged by ~9.6% YoY to reach at US$1.64bn in 10MFY23.
On volumetric front, textile exports dwindled by 18.2% YoY in 10MFY23 compared to SPLY. This decline is led by dip in basic textile exports, which were down by 25.2% YoY followed by value added and other textile products down by 11.6% and 22.2%, respectively.